German Crisis (1920s)
DMG was one of the most important German businesses at the time of the German crisis; tripling its capital to 100 million shares in 1920, and moving its headquarters to Berlin in 1922.
After the war the German automobile industry stagnated because of insufficient demand and because automobiles were taxed by the government as luxury items. The country also was hit by a petrol shortage.
In 1923, DMG production fell to 1,020 units, compared to Benz & Cie. making 1,382 in Mannheim. The average cost of a car was 25 million marks. Strike action and inflation pushed DMG to the limit. To survive DMG produced Mercedes bicycles and typewriters, and it even issued its own emergency money.
Read more about this topic: Daimler Motoren Gesellschaft
Famous quotes containing the words german and/or crisis:
“If my theory of relativity is proven correct, Germany will claim me as a German and France will declare that I am a citizen of the world. Should my theory prove untrue, France will say that I am a German and Germany will declare that I am a Jew.”
—Albert Einstein (1879–1955)
“Tennis is more than just a sport. It’s an art, like the ballet. Or like a performance in the theater. When I step on the court I feel like Anna Pavlova. Or like Adelina Patti. Or even like Sarah Bernhardt. I see the footlights in front of me. I hear the whisperings of the audience. I feel an icy shudder. Win or die! Now or never! It’s the crisis of my life.”
—Bill Tilden (1893–1953)